Bombeck Inc. has the following transactions during August of the current year Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis. Aug. 1 Opens an office as a financial advisor, investing $5,200 in cash in exchange for common stock. 4 16 27 Pays insurance in advance for 6 months, $1,670 cash Receives $2,400 from clients for services performed Pays secretary $1,690 salary (a) Effect on Accounting Equation (b) Debit-Credit Analysis Aug. 1 is Debits Debit Credits Credit Debits Debit Credits Credit Debits Debit Credits Credit Debits Debit Credits Credit The asset the stockholders' equity account is Aug. 4 The asset IS the asset is Aug. 16 The asset is the revenue is Aug. 27 The expense is the asset is